Thursday, October 02, 2008

It’s the customer, Stupid!

I am trying to find the reason(s) behind the current economic crisis for the last two weeks. I couldn’t understand even the ABCs after reading lot of analysis by all the smart people in the world. However, things became clearer when I read the insightful analysis of Warren Buffet:

“People should always know better. … I mean people — people don’t get — they don’t get smarter about things that get as basic as greed and you can’t stand to see your neighbor getting rich. You know you’re smarter than he is, and he’s doing these things, you know, and he’s getting rich, and your spouse is getting unhappy with you because you aren’t doing — pretty soon you start doing it. And so you get what I call the natural progression, the three I’s: the innovators, the imitators, and the idiots. And that’s what happens. Everybody just kind of goes along. And you look kind of silly if you disagree.”